Vaxcyte's (PCVX) Buy Rating Reiterated at BTIG Research

Key Points

• BTIG Research reaffirmed its Buy rating on Vaxcyte and set an $89 price target, implying 22.39% upside from the prior close. The analyst consensus remains “Moderate Buy,” with an average target of $108.60.
• Vaxcyte shares rose $16.24 to $72.72 in heavy trading, while the company’s latest quarterly loss of $1.97 per share was narrower than analysts expected.
• Recent institutional buying and positive clinical news support investor sentiment: institutional investors own 96.78% of the stock, and VAX-31 met all prespecified endpoints in its pivotal adult trial, showing immune responses comparable to leading vaccines.

Vaxcyte (NASDAQ:PCVX - Get Free Report)'s stock had its "buy" rating reaffirmed by research analysts at BTIG Research in a note issued to investors on Monday, Benzinga reports. They presently have a $89.00 price target on the stock. BTIG Research's price objective suggests a potential upside of 22.39% from the company's previous close.

A number of other research analysts have also recently weighed in on PCVX. Needham & Company LLC lifted their price objective on Vaxcyte from $110.00 to $122.00 and gave the company a "buy" rating in a research report on Monday. Guggenheim raised their target price on shares of Vaxcyte from $116.00 to $125.00 and gave the stock a "buy" rating in a research note on Monday. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Vaxcyte in a report on Friday. Bank of America dropped their price target on shares of Vaxcyte from $133.00 to $130.00 and set a "buy" rating for the company in a research report on Monday, September 28th. Finally, Zacks Research raised shares of Vaxcyte from a "strong sell" rating to a "hold" rating in a research note on Wednesday, August 12th. Six equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $108.60.

Vaxcyte Stock Performance

Shares of Vaxcyte stock traded up $16.24 on Monday, hitting $72.72. 11,039,353 shares of the company's stock were exchanged, compared to its average volume of 1,436,242. Vaxcyte has a 1 year low of $39.87 and a 1 year high of $90.75. The company has a 50-day simple moving average of $58.67 and a 200-day simple moving average of $56.18. The stock has a market capitalization of $10.82 billion, a PE ratio of -9.74 and a beta of 1.23.

Vaxcyte (NASDAQ:PCVX - Get Free Report) last announced its earnings results on Wednesday, August 5th. The company reported ($1.97) EPS for the quarter, topping analysts' consensus estimates of ($2.06) by $0.09. During the same period in the prior year, the firm earned ($1.22) earnings per share. On average, analysts expect that Vaxcyte will post -7.6 EPS for the current fiscal year.

Insider Activity at Vaxcyte

In related news, CEO Grant Pickering sold 2,000 shares of the stock in a transaction that occurred on Monday, July 27th. The stock was sold at an average price of $55.65, for a total transaction of $111,300.00. Following the completion of the transaction, the chief executive officer directly owned 133,215 shares of the company's stock, valued at approximately $7,413,414.75. This represents a 1.48% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Harpreet Dhaliwal sold 17,000 shares of Vaxcyte stock in a transaction that occurred on Wednesday, August 5th. The stock was sold at an average price of $55.00, for a total value of $935,000.00. Following the completion of the sale, the insider directly owned 76,756 shares in the company, valued at approximately $4,221,580. The trade was a 18.13% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders have sold 55,890 shares of company stock worth $3,111,189. 3.30% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Vaxcyte

Several institutional investors have recently bought and sold shares of the business. NEXTBio Capital Management LP bought a new stake in shares of Vaxcyte in the 4th quarter valued at approximately $4,406,000. Norges Bank bought a new stake in Vaxcyte in the fourth quarter worth $56,703,000. First Light Asset Management LLC boosted its stake in Vaxcyte by 143.4% during the second quarter. First Light Asset Management LLC now owns 345,157 shares of the company's stock worth $20,064,000 after buying an additional 203,373 shares during the period. Bank of America Corp DE boosted its stake in Vaxcyte by 73.4% during the first quarter. Bank of America Corp DE now owns 1,216,843 shares of the company's stock worth $70,711,000 after buying an additional 515,209 shares during the period. Finally, Elmind Capital LP bought a new position in Vaxcyte during the fourth quarter valued at $13,450,000. Institutional investors own 96.78% of the company's stock.

More Vaxcyte News

Here are the key news stories impacting Vaxcyte this week:

• Positive Sentiment: VAX-31 met all prespecified primary endpoints across the adult age groups studied, demonstrating immune responses comparable with Pfizer’s Prevnar 20 and/or Merck’s Capvaxive. The results support VAX-31’s potential to compete in the adult pneumococcal vaccine market. Vaxcyte Reports Positive Topline Data from OPUS-1
• Positive Sentiment: The broad vaccine coverage and strong immune responses could position VAX-31 to capture meaningful share of an estimated $3 billion to $6 billion—or larger—adult pneumococcal vaccine market, according to Jefferies commentary. Vaxcyte shares surge on late-stage vaccine trial success
• Positive Sentiment: Analyst sentiment strengthened after the data release. Needham raised its price target to $122 from $110 and maintained a Buy rating, while BTIG reaffirmed its Buy rating with an $89 target. These targets imply substantial upside based on the reported trading level. Needham raises Vaxcyte price target
• Positive Sentiment: Options activity was elevated, with investors purchasing 2,615 call options, about 17% above typical volume, indicating increased speculative interest following the clinical readout.
• Neutral Sentiment: Vaxcyte scheduled an investor webcast and conference call to present the OPUS-1 topline results, giving investors an opportunity to review the safety, tolerability and immunogenicity data in greater detail. Vaxcyte OPUS-1 webcast announcement

Vaxcyte Company Profile

Vaxcyte, Inc NASDAQ: PCVX is a clinical-stage biotechnology company focused on developing vaccines to help prevent serious bacterial infections. The company uses its cell-free protein synthesis and advanced conjugation technologies to design vaccines intended to provide broad and durable protection while addressing limitations of existing vaccine products.

Vaxcyte's lead programs are pneumococcal conjugate vaccine candidates, including VAX-24 and VAX-31, which are designed to target a broad range of pneumococcal serotypes.